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the fiscal cliff as a group of democrats push for the extension of most of the bush-era tax cuts, cuts they say staunchly -- they opposed years ago. joining us now to talk about it, tony -- [inaudible] a republican political analyst and consultant and a national political correspondent for talk radio news service. michael is a democratic strategist, and he joins us as well. good to see you both. tony, look, the word we're getting is that harry reid is going to pass an extension of the bush tax cuts for anybody under 250,000, extend unemployment benefits for two million folks. um, now, if that happens, it goes to the house, and the house will probably have to put it up. aren't republicans, your party, going to wish that they had passed plan b? >> absolutely, gregg. look, plan b really should have been our plan a, number one. number two, plan b was really the idea of chuck schumer and nancy pelosi as recently as in this summer. to set the threshold on incomes to a million dollars versus 250,000, allow those tax rates for a million and above go up, the president talked about taxing millio
service for senator daniel inouye yesterday for his burial. but, obviously a fiscal cliff still very much on his mind. that short-term deal he was talking about on friday was basically extending middle class tax cuts, $250,000, or below, even though that has been controversyal. even though republicans have not signed onto that. he wants to extend unemployment benefits for two million americans about to lose them after a week if there is no deal. as you noted he wanted to push spending cuts to january which is upsetting republicans like john barrasso. take a listen. >> when i listen to the president i think the president is eager to go over the cliff for political purposes. i think he see as political victory at the bottom of the cliff. he gets tax revenue for new programs. and gets to cut military which democrats calling for years and he gets to blame republicans for it. >> reporter: now democrats insist that is nonsense. they say the president since the election has been working with the republicans trying to figure out some sort of solution to this crisis. they note that they believe is
to extend all the tax cuts for two years. by the way, that is why we are facing this new fiscal cliff. it is infuriating to business owners. i have been talking to a lot of them last couple of weeks. this is banana republic type of politics. no one knows what it will look like. it makes it impossible for businesses to do planning, purchasing equipment, hiring workers. you are seeing the impact on the stock market already where we have a lousy 10 days with stocks because everybody is in this kind of state of fear and trepidation that we are going to go over this cliff. i will give you a sliver of good news, i talked to some of my sources in the republican leadership and they say that the president sounded a little bit more conciliatory in this last phone call that they had. and they still hold out hope that we might get a deal before the stroke of midnight. and the ball comes down in new york. gregg: you are talking about huge amounts of tax increases. you know, some people, i have e-mails -- i was loaded with e-mails yesterday from folks. firefighters and teachers, i'm going to see 15
negotiations about the so-called fiscal cliff. we'll bring that live to you when it happens. sources are telling fox news that congress has figured out the tax part. the main bone of contention is at this point the spending. the white house wants new spending using tax hikes to prevent some of the severe budget cuts that also kick in in 11 hours from now. republicans argued that is just robbing pete tore pay paul. chief congressional correspondent mike emanuel is live at the capitol following all of the bouncing balls. hey, mike. >> reporter: one concern for republicans as they look at this deal is what about spending cuts? where are the spending cuts? it sounds like they are getting close in the talks between vice president joe biden and the senate republican leader mitch mcconnell but there is not a deal until senator mcconnell knows he has enough support. let's take a look at some of the key points of a framework of the deal according to sources close to the talks. it would raise taxes on income tax amounts above $400,000 for individuals, $450,000 for families. it would address th
. because president obama perfectly going over the fiscal cliff to blame republicans because he can't default on the debt. he will have to compromise between now and february. second of all the baseline gets reset if the tax cuts expire. everybody will propose a tax cut in january and right now we're fighting whether to increase taxes or not. you can see possibility of a deal seen as win-win for both sides. third, if republicans don't come up with a deal, a bad deal right now, they still have the $800 billion in revenue they put on the table from limiting deductions and loopholes that they can use to buy down rates. so i think the odds are, after january 1 we will get a deal and it will be much more favorable deal to the republican party because we'll have the leverage and president obama won't. heather: simon, basically what mark's laid out there would be more of a bunge jump over the cliff instead after nosedive, what do you think about the possibility, good thing or bad? >> i think it is going to happen whether it is good or bad. hopefully in the first week to 10 days of the new
Search Results 0 to 4 of about 5